Siris Capital returns to market with Fund III targeting $1 bln: Buyouts

Siris Capital is back in the market with a new fund less than two years after closing on roughly $650 million for its second flagship vehicle in late 2012.

Siris Partners III is targeting $1 billion, with a $1.5 billion hard cap, according to a person with knowledge of the fundraising.

Siris Chief Operating Officer/Chief Compliance Officer Ciara Roche had not responded to a request for comment as of press time.

Park Hill Group is working as placement agent on the fundraising.

The Arkansas Teacher Retirement System committed up to $25 million to Siris Partners III at its Oct. 6 meeting, ATRS Executive Director George Hopkins told Buyouts in an email.

Siris Partners II had generated a 44.4 percent net IRR and 2.98x multiple as of March 31, according toTeachers’ Retirement System of the State of Illinois data cited by Bison. An ATRS staff report said fund II had actually produced an IRR of 81 percent, but Buyouts was unable to confirm the report by press time.

Siris Partners III will invest in established mid-market technology and telecom companies with revenue between $100 million and $1 billion, according to ATRS documents made available to Buyouts.

Siris was founded in 2011 by former Ripplewood Holdings and S.A.C. Private Capital Group executives Frank Baker, Peter Berger and Jeffrey Hendren. The firm specializes in distressed or complex situations and employs several executive who provide operational support to portfolio companies.

The firm has been active in the past year, having announced three deals since February. On Oct. 1, Siris announced that it had acquired the Junos Pulse mobile security business from Juniper Networks for approximately $250 million.

Chris Witkowsky contributed to this report.

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